Monthly archive for January 2016

What are Hybrid Adjustable Rate Mortgages (Hybrid ARMs)?

paperwork

A hybrid adjustable rate mortgage, or hybrid ARM for short, is a mortgage that features an initial set rate, or “fixed rate,” interest period in which the interest rate does not change. After this period is over, the interest rate begins to adjust on an annual basis. Hybrid ARMs typically have two numbers in their name, such as a 5/1 ARM or a 7/1 ARM. This can be misleading, as most ARMs are actually 30 year loans. The first number represents the number of years the borrower will have a set, or “fixed” interest rate, and the second number represents

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Remodeling Market Index Shows Continued Confidence

home builders

More builders are feeling confident about the home remodeling market, according to a recent report from the National Association of Home Builders (NAHB). The NAHB reported earlier this month that their Remodeling Market Index (RMI) posted a reading of 58 in the fourth quarter of 2015, one point above the previous quarter. This marked the latest gain in a steady trend over the past year and a half, indicating that confidence in the market is not only sustainable, but continuously improving.

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How often are you allowed to refinance your mortgage?

house money keys

Refinancing a mortgage can be a great way to save money on your monthly payment, reduce the amount of interest you pay overall, or shorten the length of your mortgage. And although it may come as a surprise to many of our readers, there is no limitation on the number of times you can refinance your mortgage. Even though there’s no set limit on how frequently you can refinance your mortgage, it may not always make sense to do so. Refinancing usually costs money to do and usually you’ll need some equity built up in your home to even qualify

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